30-07-2013
ADIB and Thomson Reuters Launch Global Awards for Ethical Innovation inspiring ethics in the finance and banking sector
ADIB and Thomson Reuters Launch Global Awards for Ethical Innovation inspiring ethics in the finance and banking sector
Cairo -7 -2013 – In a step that supports ethics in the banking services, Abu Dhabi Islamic Bank (ADIB), in partnership with Thomson Reuters, announced the launch of global awards to recognize and reward innovation in ethical and Islamic finance.
These awards will be presented in three categories: Islamic Finance Industry Development Award, Ethical Finance Initiative Award and Lifetime achievement award.
Nominees will be shortlisted by an advisory board, which includes financial experts and Islamic scholars. A short-list of nominees for three award categories will then be announced in November this year.
“Financial innovation without ethics can lead to crises, as we saw in 2008, when trust in financial markets was destroyed by lack of transparency and evidence of the absence of ethical behaviour by many in the banking and financial business “said ADIB Chief Executive Officer Tirad Al-Mahmoud.
“These awards aim to promote greater awareness among banking and finance professionals around the world of the benefits of adopting ethical approaches as the best way for sustainable profitability,” added Tirad Al Mahmoud.
Russell Haworth, Managing Director, Middle East and North Africa, Thomson Reuters, stated “This initiative aims to encourage innovation in the development of the financial services industry that is founded on universal principles of ethics. It will facilitate tangible and actionable outcomes that can be adapted by financial institutions globally.”
The first category: The Islamic Finance Industry Development Award offers a prize of $100,000 and aims to facilitate a tangible change in the development of the Islamic financial services industry that remains true to its ethical foundations. Three specific challenge areas are pre-defined by an advisory board and candidates will need to identify and propose actionable solutions to overcome these challenges.
The challenges are as follows:
- Working capital finance solutions without the use of Tawaruq or purchase and lease back.
- Liquidity management options without the use of international commodities/ Murabaha.
- Profit and Loss Sharing Investment and financing Products (standardised structures for execution).
The second award, the Ethical Finance Initiative Award, offers a prize of $50,000 and aims to recognize previously implemented initiatives or new solutions that demonstrate how ethical application of financial services can deliver sustainable positive impact on the society or the environment.
The final award is a Lifetime Achievement Award that will be conferred on an individual who has made a significant contribution and impact in the ethical practice of financial services.
Submissions for these three awards will be open from 17 July until the end of September, 2013. Entries will be accepted from any institution, research centre, individual or group of individuals from Egypt or anywhere in the world who are interested in shaping the financial industry within an ethical framework.
To learn more about the awards, guidelines for entry, executive board members and to download application forms, please visit http://updates.thomsonreuters.com/events/EFICA/.
